Hyundai union to strike for four hours

Hyundai's labour union says 46,000 unionised workers will strike for four hours over two days this week as talks between the union and company made little progress.

The union is demanding higher wages and benefits for workers.

Demands include a 130,500 won increase in basic monthly salary for workers, a performance-based bonus equivalent to eight month wages and a 56.25g gold medal for those with 40 years' service.

Last week Hyundai management sent a message to workers saying the company could not afford to meet their demands at a time of heightened competition and slowing growth in overseas markets.

"We've seen a decline in our earnings because foreign brands quickly eat into our domestic market share and the economy at home and abroad remains sluggish," the message said.

Another round of talks with Hyundai Motor Co management is scheduled for Thursday but it is unlikely any agreement will be reached given how far apart the two sides are.

Workers walked out for four months last year, costing some 1.7 trillion won in lost production.

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